I once read a poster at a large Indian conglomerate “Idea is nobody’s monopoly”. This really scared the daylights out of me. But at the same time, it also enlightened me that if I fall in love with my idea, I will cease to be creative, my mind is an idea factory and I will come up with many more.
Entrepreneurs come up with a concept or idea which they believe in and are confident that it will make a difference to mankind. I have come across so many entrepreneur clients and friends, who have at some point in time or other, mentioned that, this was my concept and I had come up with this idea long time back.
My question to them is, what stopped you from execution of the same and that you have no right to claim credit of it. Ideas and concepts will remain ideas and concepts unless they see the light of the day.
A popular author once said, “Everything is in this world is created twice…once in the mind and second in reality”. Every business is based on one concept or another. The passion and commitment along with courage and conviction to convert this concept / idea into reality is what creates an entrepreneur.
Entrepreneurs need to be thoughtful and watchful enough to do extensive research on their concept before they bring it to life.
Four basic questions every entrepreneur needs to ask himself / herself :
- Why have they chosen to be an entrepreneur ?
- What is the problem this concept will solve and how ?
- Is this a new concept / business idea or an adaptation of an existing concept that caters to the concerns which existing business models aren’t able to solve?
- Will this concept create a new need and fulfill it ?
Many entrepreneurs struggle to define or describe in one line, what their business concept is. They are far away from reality as many of them haven’t done enough research about their concept and the problem they intend to resolve. Their perception and understanding of the problem is personal and not generalized to the business ecosystem in which they are operating.
Are you suffering from the ‘Ivory-Tower Syndrome’?
One of the main reasons of this blind spot is that most entrepreneurs have been excellent students in their under-graduation, graduation and post-graduation and have stayed aloof due to competitive and societal pressure to out-score fellow students. Post which, they have got a plush job from campus placements and have enjoyed the luxury of fat salary and associated perks. In the bargain, they have lost touch with ground reality for over a decade and feel sitting in their AC office cabin (ivory tower) that their concept is the next big revolution.
Are you suffering from the ‘Eureka Syndrome’?
Many entrepreneurs feel that they have had a eureka moment to an existing issue or problem which one of their existing client is facing. While they have built a standard solution, the client wants them to customise it to suit their business challenges and that too at no-extra cost. This sends the entrepreneur in to a trance as he is usually an engineer and is attracted to problem solving like a magnet. This high of creating a customised solution eats away a lot of time, resources and money for the entrepreneur and leaves him high and dry as this new solution cannot be replicated and scaled to any other client as they have mutually exclusive challenges and with no money coming in.
Are you suffering from the “Boon-to-Mankind Syndrome”?
Many entrepreneurs feel that their concept is going to be a boon to mankind. Their objective of becoming an entrepreneur is to make money real fast and believe that VCs are waiting to fund their BIG idea and they could make a fast buck and exit. Their nexus with investment bankers to fraudulently siphon off investors’ money and purposely fail in their venture is the dark reality of the start-up bubble. We did witness this same phenomenon during the dot com bust way back in 2000.
To conclude, entrepreneurs must have a simple checklist :
- Money is not the only reason for you to become an entrepreneur
- You have chosen to be an entrepreneur by choice and not by default or pressure
- You are passionate and committed to this concept and have the conviction and perseverance to deliver it
- You have done a detailed research about this concept
This is the first post in the ten part series on 10 Cs of Entrepreneurship. #StayTuned for the rest.
Do let me know what you think of the above post? Are you planning to embark on the entrepreneurial journey? Let me know in the comment section? I am happy to answer any queries as well.
Disclaimer: This series is an original piece of writing. All copyrights remain with the author, any content re-purpose, copying or lifting is not allowed. The author is an award-winning Sports Person, Business Coach & Digital Maverick. He has written this post based out of his own personal experiences while handling large brands. Incase you need to discuss business, please email: firstname.lastname@example.org.